Options Disclosure


Options are not suitable for all investors. There are risks involved in any option strategy. Individuals should not enter into option transactions until they have read and understood the option disclosure document titled "Characteristics and Risks of Standardized Options," which outlines the purposes and risks of option transactions. This booklet is available from your Stifel Financial Advisor or at OCC - Characteristics & Risks of Standardized Options. Supporting documentation of claims will be supplied upon request.


Solicited Order/Auction Mechanism

Stifel is required to notify customers, per International Securities Exchange (“ISE”) and various other option exchanges, of the Firm’s intent to use the Solicited Order mechanism, which is available for members to cross customer option orders. Below is the information required to be provided to you.

ISE Rule 716(e)(3) provides: When handling an order of 500 contracts or more on your behalf, Stifel may solicit other parties to execute against your order and may thereafter execute your order using the International Securities Exchange’s Solicited Order Mechanism. This functionality provides a single-price execution only, so that your entire order may receive a better price after being exposed to the Exchange’s participants, but will not receive partial price improvement. For further details on the operation of this Mechanism, please refer to International Securities Exchange Rule 716, which is available at www.ise.com.